Jack Henry & Associates' announcement today that it is buying iPay Technologies is a logical follow-up to similar acquisitions by two of Jack Henry's major competitors in the financial services core processing and integrated services business, according to an industry analyst.
"This deal is very much a response to the acquisition of CheckFree by Fiserv (for $4.4 billion in 2007) and Metavante by FIS (for $2.9 billion in 2009)," said Gwen Bezard, senior analyst at Aite Group in Boston.
"iPay was one of the last independent big payment processors and I think it's a natural evolution, at the high level, of what we've seen over the past few years in the convergence of core banking systems and payment processing," Bezard added.
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